Aodyo Instruments Kickstarter Update

Aodyo Instruments, makers of the popular Anyma Phi synth, have posted this update on their Kickstarter page:

Dear contributors,

We apologize for the delay in getting back to you and thank you for your sustained patience. During this time, we have been doing everything we can to avoid the situation we now find ourselves in. In the spirit of transparency and honesty, we want to share the challenges we are facing and provide a clear picture of where we stand.

Current Situation

Over the past months, we've encountered significant difficulties with both the Loom and Omega projects, which have severely impacted our financial situation.

• Loom: The production costs and delays we encountered have turned out to be much higher than we initially anticipated. Due to extended lead times for the electronic components from our manufacturer, we have been unable to launch production.
• Omega: The system's complexity has far exceeded what we originally planned. The powerful nature of this synthesizer required multithreading due to the characteristics of the processors available on the market. We also faced setbacks from architectural changes necessitated by component shortages. These combined factors have led to much longer delays than expected.

 

We had hoped to raise additional funds by leveraging the campaign's momentum, but unfortunately, this effort has not been successful. As a result, we are now in a difficult financial position and have been unable to secure the working capital necessary to move forward.

What We've Been Doing

Over the last few months, we have focused our efforts on finding potential investors or buyers to help us unlock the situation. Unfortunately, we have not been successful so far. That said, we are still in discussions with a couple of potential partners, and we hope this message might spark new opportunities.

In the meantime, we've been continuing our operations by selling off our existing stock of Sylphyo and Anyma Phi, which is why we launched the summer promotions. These products have been in the market for some time, and the revenue from selling our stock has allowed us to keep going for a little longer.

Additionally, the work on the Anyma V allowed us to make progress on the polyphonic synthesis part of the Omega project and MPE support. It has also brought in some additional revenue to keep on working. And it allowed us to deliver an intermediate milestone to you as well.

Use of Crowdfunding Funds

We understand that many of you are wondering how the funds from the Loom and Omega campaigns were used. Here is a brief overview:

• Loom Campaign:
  • Platform, currency and bank transfer fees (9%).
  • Marketing performance-based fees (13%).
  • Purchase of components to secure stock (14%).
  • Industrial design of the circuit boards (22%).
  • Industrial design of the mechanical parts (4%).
  • Final prototyping (14%).
  • Development of the embedded firmware (25%).
• Omega Campaign:
  • Platform, currency and bank transfer fees (10%).
  • Marketing performance-based fees (11%).
  • Purchase of components to secure stock (9%).
  • Changes to the circuit boards due to component shortages (display, touch and DSP processors) (10%).
  • Industrial design of the new circuit boards (37%).
  • Industrial design of the mechanical parts (8%).
  • Development of the embedded firmware (22%).

 

Given that the funds have been used entirely to advance these projects, we regret to inform you that a refund of your contributions is unfortunately impossible at this stage.

What's Next

Our sales of remaining stock should allow us to continue our operations. During this time, we will continue doing everything we can to secure an investor and unblock the situation. If we can manage to start the first batch of Loom, this would allow us to deliver to stores right after fulfilling your pledges, stabilizing our situation and enabling us to finish the Omega development.

However, if we do not succeed in securing new investments or partnerships in the coming weeks, we will be left with no other choice but to file for bankruptcy.

In closing

We know this is not the message you were hoping for, and we share your frustration. We want to express our deepest gratitude for your support and belief in our vision, and we remain hopeful that a solution can be found.

Thank you again for your understanding and support during this difficult time.

Sincerely,
The Aodyo Team

This is definitely an unfortunate turn of events, and we hope that Aodyo secures the capital needed to continue. Perhaps unsurprisingly, reactions to the news have not been positive:

• Some respondents urged the company to try and partially refund backers, perhaps by sending them an in-stock product,
• Others asked if another round of crowdfunding might work,
• Others felt that this was a wake up call about the nature of crowdfunding platforms - and will not pledge for any project in the future.

We're sad for all involved, but how do you feel about this situation? Let us know in the comments.

Posted by MagicalSynthAdventure an expert in synthesis technology from last Century and Amiga enthusiast.

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